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CFA Level I · CFA Level I Exam

Guidance for Standard VII: Responsibilities as a CFA Institute Member or Candidate

Standard VII covers your duties as a CFA Institute member or candidate. VII(A) bars conduct that harms the integrity or validity of CFA exams, including sharing confidential exam content. VII(B) requires you to refer to the CFA Institute, the designation and the program accurately, without exaggeration or implied superiority.

What this chapter covers

This chapter covers the last of the seven Standards in the Code of Ethics and Standards of Professional Conduct. It is short and has two parts. Standard VII(A) is about conduct as a participant in CFA Institute programs. Standard VII(B) is about how you refer to the CFA Institute, the CFA designation and the CFA Program.

VII(A) says you must not engage in conduct that compromises the reputation or integrity of CFA Institute or the CFA designation, or the integrity, validity or security of CFA Institute programs. The guidance covers cheating on the exam, disregarding exam rules, and disclosing confidential program content. It also covers the difference between confidential material and information that is not confidential.

VII(B) says you must not misrepresent or exaggerate the meaning or implications of membership in CFA Institute, holding the CFA designation, or candidacy in the CFA Program. The guidance spells out how to refer to the designation and to candidacy correctly. In the Ethics topic this chapter pairs with the other six Standards. Practise applying the Standard to short scenarios.

Ethical and Professional Standards carries a 10-15% weight, one of the highest weights at Level I, and every question is worth the same, with no penalty for wrong answers. Standard VII is small, so it is one of the cheapest areas to master fully. The rules are specific and wording-based, so careful reading earns marks that more quantitative chapters cannot guarantee. The examples also feel familiar to you as a candidate, which helps recall.

Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate: topics in the order to study them

  1. 1Standard VII(A): Conduct as Participants in CFA ProgramsStart with the core rule on protecting the integrity, validity and security of CFA programs, because the confidentiality guidance builds on it.
  2. 2Standard VII(A) Guidance: Confidential Program InformationNext, learn what counts as confidential and what does not, since this is where most VII(A) questions test you.
  3. 3Standard VII(B): Reference to CFA Institute, Designation and ProgramThen study the second Standard, which is about accurate description and no exaggeration of what membership or the designation means.
  4. 4Standard VII(B) Guidance: Referring to CandidacyFinish with the VII(B) guidance on candidacy wording, the most detail-heavy part, so you can apply VII(B) to real statements.

How to prepare Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate

This chapter rewards precise reading more than long study. Plan short, focused sessions and test yourself on wording.

  1. Read the text of Standard VII(A) and VII(B) until you can state each in your own words, keeping the official key terms such as integrity, validity and security.
  2. List what the guidance treats as improper conduct in the exam (for example cheating or breaking exam rules) and what is about confidentiality of exam content.
  3. Separate confidential program information from information that is not confidential, and write one example of each.
  4. Write a short list of acceptable and unacceptable ways to refer to the designation, membership and candidacy. Check each against the official guidance.
  5. Practise applying the Standard to short scenarios. For each, name the Standard first, then eliminate the two options that do not fit the rule.
  6. Review the other Standards briefly to see how VII differs: it concerns your duties to CFA Institute and its programs, not to clients or employers.

Common mistakes in Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate

  • Treating Standard VII as only about exam cheating

    Fix: Remember that VII(A) also covers confidentiality of program content and conduct that harms the reputation of CFA Institute or the designation.

  • Calling any exam discussion a violation

    Fix: Separate confidential content from information that is not confidential. Published material such as the curriculum and topic weights can be discussed. Specific questions, answers and the specific content tested cannot be shared.

  • Describing a candidate as holding the designation

    Fix: Keep the two apart: passing exams or enrolling does not give you the designation. Use wording that states candidacy accurately.

  • Choosing options that exaggerate the value of the designation

    Fix: Under VII(B), reject claims of guaranteed or superior results. Pick the option that states facts without exaggeration.

  • Confusing Standard VII with duties to clients or employers

    Fix: Ask whose interests are at stake. In VII, the focus is CFA Institute, its programs and the designation.

  • Memorising paraphrases instead of the Standard's wording

    Fix: Learn the official wording of VII(A) and VII(B) and match each case fact to a phrase in it.

Last-day revision: Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate

  • Standard VII has two parts: VII(A) Conduct as Participants in CFA Programs and VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program.
  • VII(A) protects the reputation of CFA Institute and the designation, and the integrity, validity and security of CFA programs.
  • Cheating on a CFA exam violates VII(A).
  • Disclosing confidential exam content violates VII(A).
  • Confidential program information includes specific exam questions and answers and the specific content tested. You may not disclose them.
  • You may discuss only information that CFA Institute has published, such as the curriculum and topic weights, along with the general exam format. Do not disclose questions, answers or which specific material was or was not tested.
  • VII(B) forbids misrepresenting or exaggerating what membership, the designation or candidacy means.
  • Do not imply that the designation guarantees superior performance.
  • A candidate is not a charterholder. Do not describe yourself as one.
  • Candidacy is not a designation, so refer to your status accurately, such as being a candidate in the CFA Program.
  • For each question, identify the Standard first, then check the facts against its wording.

Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate practice questions

Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate in other exams

The same ground in other exams, if you are preparing for more than one or want another angle on it.

Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate: frequently asked questions

What does Standard VII cover in the CFA Level I exam?

It covers your responsibilities as a CFA Institute member or candidate. VII(A) is about conduct in CFA programs, and VII(B) is about how you refer to CFA Institute, the designation and the program.

How much time should I spend on Standard VII?

Less than on large quantitative chapters, but do not skip it. It is short, the wording is precise, and mastering it gives reliable marks within Ethics.

What is confidential program information?

It is exam-related content such as specific questions, answers and the specific content tested. Sharing it can breach VII(A). You may discuss only information that CFA Institute has published, such as the curriculum and topic weights.

Can I say I am a CFA charterholder after passing Level I?

No. Passing a level does not give you the designation. You must refer to your candidacy accurately and not suggest that you hold the designation or that candidacy is a designation.